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Bulls and Bears

News/Business. The latest market news; the week ahead on Wall Street. (CC)

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00:30:00

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mpeg2video

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ac3

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704

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480

TOPIC FREQUENCY

Washington 4, John 4, Us 4, Cyprus 4, Jonas 3, Oklahoma 3, Steve 3, Tom Coburn 3, T. Rowe 2, Brenda 2, Iowa 2, Diabetes 2, Safeway 2, Bmi 1, Cavuto 1, Gary B Smith 1, Tobin Smith 1, Jamie Colby 1, Gary 1, United States 1,
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  FOX Business    Bulls and Bears    News/Business. The latest market  
   news; the week ahead on Wall Street. (CC)  

    March 24, 2013
    8:00 - 8:29am EDT  

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tomorrow. >> jesse: am i coming back tomorrow? >> see what the bosses say. see you tomorrow. >> brenda: game on! march madness taking over. no, not on the court, in d.c. with pork, congress passing a bill to keep the government funded for another six months and it's chockful of pork goodies like watershed rehe billtation, environmental medication programs, whatever all that means. so, is this the march maddening group that will never get spending uer control? hi, everyone, i'm brenda
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buttner, this is bulls and bears. let's get to it. the bulls and bears, gary b smith, tobin smith, jonas max ferris. and john, is this madness? lawmakers are fighting over what to cut, they're reallocating funds for all that pork. >> yeah, this shows exactly how bad of a character our lawmakers have in d.c. look, we have no energy plan. our education system drops in world rankings, we have no jobs plan. we have no plan. we don't even have a budget and yet, these guys are still filling things with pork to get reelected. if you're in private practice and you take moneyupposed to go to some project and you build a fence around your house, whether that fence is good, makes your house look better and whether your neighbors like it, it's stealing and that's exactly what these guys are doing, it's called pork and it's stealing and shows the character of our congress and it shows why our country is so screwed up. >> brenda: well, gary b, what
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about digging private wealth for private property owners? what's going on? >> well, i tell you what, brenda, on the one hand we have 85% of americans think there should be a balanced budget. it is in our blood. i mean, every household tries to balance their budget and some do it better than others and it's certainly a goal and on everyone's mind. i disagree with john with one thing. the he's kind of implying it's the fault of the lawmakers. >> it's not the fault of the lawmakers, it's the fault of election process. when you get elected, what's the first thing you want to do? you want to get reelected. in order to get reelected you need to bring the goodies to your constituency. unless there's a law or change the election process, that's going to continue add infini infinitem, forever. it's unfortunate, it's sad.
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unless there's a-- unless we outlaw pork, i don't see anything changing. >> brenda: we have ourselves to blame at the bottom. but jonas, let's talk about all the fork projects. this has been going on forever and ever and both parties love to feast on pork. in fact, you can't cut it out all at once, right? >> i imagine if they cut it out completely there would be no passing of any bills because it doesn't add up to a whole lot, but boils down to, it's not going to balance the budget. and second, it's the bribe use today get the senators in congress to vote for these bigger, more important bills which would never get passed if you couldn't-- you're getting a bridge and you're getting this and you're getting a university. and these pork projects as terrible as they are is the carrot to pass. and as far as they don't get bigger legislation, the voters
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turn on them when they get major cuts to spending. pork is not the thing to get it done it's the-- >> and the dinner of pork and carrots then. what's wrong with that? >> both parties are both at fault n 2010 they reallocated, and the people with no competitors are the ones with the most pork. you think according to joan na jonas, the guys who are always elected, they made their district all crazy, those are the worst offenders so i think your logic is not right, mr. max-ferris. >> my first job on wall street we had to be at the job the at 9 a.m. if we showed up earlier, we got a freebreakfast. >> that's not pork, pork is getting your votes and pork is-- >> that's an incentive.
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>> that's incentive. >> go to-- we got free lunch and that's po pork. >> brenda: andkay. steve, go ahead, weigh in on this? >> it's far worse than anything you guys are talking about here. it's not the political process. with a few notable exceptions, nobody in washington cares about the taxpayers. that's the problem here. listen,voters want to get rid of all this. they say it over and ove again and if it takes a few senators want to do this, they insist on doing it, they insist on these things being included, all it takes is somebody to say . >> oh. >> brenda: gary b, gary b is dying to get in here. go ahead. >> well, i don't agree, i don't agree with steve because he says the voters want to get rid of it and it's kind of like the not in my back yard. only the flip side. they want to get rid of it unless my gosh, you're going
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to take away that bridge or that pork you're going to build in my neighborhood. forget it. and that's-- you're wrong withthat. >> you are wrong about that. tom coburn got elected saying i'm not doing anything f oklahoma. >> that was oklahoma. >> why do we have a balanced budget amendment? >> this isn't about the voter, it's about lobbyists. >> you just said the voters wanted it. >> brenda: okay. >> the voters want to get rid of it. they don't want this pork barrel spending. they'd rather have a balanced budget. they would, they've said it over and over. >> don't blamethem, it's not their fault. the fault is here in washington where i am. >> brenda: okay. john, why do i care about this? like i said we've seen pork and tender loins and pork chops, and you name it in washington. >> you're making me hungry, brenda. come on. >> for years and years and years. what does it mean to our economy? >> what it means to our economy, the lawmakers, what gaur
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gary b is correct. voters are not against this, voters are against this. and like trying to find the bravest frenchman, it's tough to find an honest one out there. >> and this is by the way-- >> and this is the entire french vote and i don't care how. >> they don't want this. >> and here is the difference, here is the difference. >> and one thing about this is, even if everybody in the world is doing it, it is still wrong. congress comes out and says, we don't want pork and they also said we're going to stand up for simpson bowls and cut spending and raise revenue,e can't do that. they all say they're against pork and every single one of them do it, it's a systemic problem and it's a character problem that we have indeed seen and it means these guys are not doing it for o country. >> john, one thing, take a breath for god's sake. the issue here is that if jonas got, you know, the extra bonus coming early. taxpayers weren't paying for it. in this situation, clearly, taxpayers who in theory brought congressmen and
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senators, et cetera, to represent, are not voting on it. so, this is clearly a ouiji board, and for guys to get he elected and taxpayers didn't vote on it. >> brenda: john, you're the only one to shut toby up. >> it's a gift. >> brenda, here is my question, going back to what steve said. and i guess you're saying that if every congressman or senator was like tom coburn, they get elected. i'd like to see the congressman that ran in iowa, now what? no ethanol subsidies, forge it, no aid to you corn farmers here, now, elect me please. i don't see that happening. >> brenda: steve. >> you know, tom coburn said he would vote against ethanol subsidies or the equivalent, in oklahoma. i'm not going to bring you this. i think you could get elected in iowa if you said i'm
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getting rid of all the pork and i don't care about ethanol either. i believe you could. and finally, this isn't about the voter, it's about campaign contributions. that's the motivation for this stuff. not votes. >> brenda: all right. raising pigs, that's one thing they do well. all right. okay, thanks, guys. well, these guys want-- >> but the pork is getting leaner. >> brenda: okay. these guys want to keep the spending going. government unions out in force this week, blasting budget cuts in d.c. and in michigan, they're fighting a law many say will put people back to work. so, is big labor putting its interests before taxpayers? the cavuto gang is on it at the bottom of the hour. up here first, step up or pay up, get on the scales or get [ buzzer ]
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i'm jamie colby, now, back to bulls and bears here on the fox news channel. have a great day. >> brenda: get weighed or be prepared to pay. a pharmacy giant. cvs is requiring employees to have their vitals checked. including their weight f they don't they may have to cough up $600 a year for health insurance. john, you say the so cost saving plan is going too far. >>his isn't hooters, girls have to look good in shorts serving wings to guys watching sports games. they're shipping this off to a third party, not using it to get better health care for
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employees. i think this is a gross overstep in the privacy. look, if a person is 200 pounds, 100 pounds behind the counter, i don't think it matters. >> brenda: toby, you're wearing your orange shorts, go ahead. >> and i would agree that in theory there's some cost savings they're looking for. this is not the way to go about it. there are plenty of ways you can incentivize health. ways to reward, but the idea of penalizing, that's what they're doing, they're penalizing and under the idea that the 600 bucks, 600 bucks means a lot to people working at cvs. the ft that they're shipping out to a third part wrong way, wrong time. >> jonas, we talk about carrots and sticks, this is a stick, but lots of carrots, gym memberships or you know, more healthy food in the cafeteria. >> free food-- >> and we're way beyond carrots for the health care country. time for sticks. they can avoid this by standing on the scale. it's not like you have to be under a certain weight to
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avoid making the payment and they would argue that's the future and necessary. there are a lot of reasons, but one of the reasons our country spends twice as much as most other countries, we are in some cases twice as unhealthy and heavier and we have to address the issues as part of an entire comprehensive way to lower health care costs and cvs is starting down that path and i would expect and hope other companies do, but i doubt they can because of the massive legal liabilities of essentially discriminating against the unhealthy. >> and jonas, it's easy for you. >> brenda: and gary, i don't want mayor bloomberg telling me not to drink sugary drinks and i don't want my employer telling me to get on a scale. isn't this about privacy, if i do a good job, what does it matter? >> it is about privacy, but i agree with it. cvs is a private company, and not mayor bloomberg. you have a right to work for
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cvs or not work there. and obesity is linked to diabetes, et cetera, et cetera. and linked to workers missing more days and being unhealthier, and cvs can do whatever they want to to raise that. look, i'm sure that cvs, i'm sure they have a drug policy, also. that's an invasion of privacy, but everyone seems fine with that. >> brenda: that's illegal. it's not illegal to be fat. >> what's that? >> drugs are illegal. it's not illegal to be fat. >> it's not illegal to come in drunk either every day, but i'm sure you can't do that at cvs. >> it's not illegal to smoke. >> brenda: go ahead. >> it's not illegal to smoke either. in the not too distant future a third of all medicare costs are going to be related to diabetes, which is mostly preventible. there's nothing wrong with doing this at all. >> brenda: john, john, you go ahead and take that on. >> look, what toby was talking about, is the wrong way going about it. weighing a person is the most
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outdated way to measure their health and to go through some type of body mass index, and ighing somebody to the most outdated forms trying to figure out help and this is the wrong way to go about it at cvs. >> let's look at statistics. if you look at safeway, for instance, creating a whole list of incentives, they don't weigh everybody at safeway and it's worse takin 4% off the health care, look it up. there are a lot of other ways and this is sort of the horrible way to go about something, and is that basically stigmatizes people and let them move towards health and this is to throw them in and-- >> if the company is gng to institute an expensive wellness programs with trainers at gym. >> the bmi, et cetera, et cetera. >> and they get more heat treati the workers like rats or hamsters in a cage. you have to take a measurement
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one of the thing, weight across the board they can track like the biggest loser on tv how the overall weight of the work force is going up d down. they're selling health care, it's not hooters, but you go for drugs and stuff to treat your health conditions, and it makes sense to them more than a lot of other businesses who want a healthy work force. >> brenda: if cvs worked-- they see what's happening to the seem of cyprus, and limits on withdrawals, bank closures, on withdrawals, bank closures, you name [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business.
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>> a money mess from cyprus, european countries reeling from a bank run scare. the government floating banks for a full week and putting limits on atm withdrawals and people lining up and creating angst for investors everywhere, is there any need for us to worry? >> gary b. what do you say. i say no, brenda, we're different than cyprus and going back through even the last few years we're different than greece. we're different than spain. we're different than portugal and the markets fell off and proven to be a buying opportunity. yes, it's a concern, and i don't think it's a concern for us though. >> well, i mean, because week print a lot of money, toby, but there are some problems with our own system and this could overflow in some ways. >> and certainly let's not forget we're about a week away
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from this, 2008 was our meltdown and it it almost happened in 2008. and the thing that gets me more charged up what they did with taxes and incremental other stuff they've added in. and closed the banks down and we did that in the depression, by the way. they've added a whole bunch of other-- we're already paying, if you don't think we're at the point in the united states where we'll have withholding on capital gains, proposed. it's hitting us right now. >> brenda: john, what do you think? >> i disagree with kicking the can, but i agree with gary and toby we're fine right now and your money is safe in american banks for now. you can't keep interest rates low for a long time. look what the pain has done, a not of internal savings has something to do with that and we can keep passing the buck on our debt further down the road. eventually we'll have to come to grips with that, but it's going to be a long ways out. >> brenda: really that long,
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jonas? >> i wouldn't say we're up-- first of all, you probably have some of your money in foreign funds and 401(k)'s, and this is dragging on emerging markets, the russian markets, it's exposed and down a lot relatively thinking. and here we have some of this, but we don't make the depositors to lose money and that causes a real panic, but i will say going forward, and we haven't solved how we're going to unwind a bank properly when a cris happens, the next time and that's something they didn't solve properly. and we didn't figure out, over the-- that's what we did lt time. even though technically we shouldn't have done that, are we going to are they going to get charged with a tax next time? we made the bank bigger and we have to solve it the next two days, which is what happened the last time. >> what dyou think about this? >> you know, i think it's silly to compare us to cyprus, we're not cyprus a we're not going to have the problem, but we're going to have a fiscal
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reckoning in this country and we' going to have a reckoning in this country if everybody in washington doesn't -- if they keep dng their mr. mcgoo imition and refuse to take a look the at long view. >> all right, thanks to you all. and especially thanks to steve for joining us. and the battle in light night comedy now including tax breaks. [ engine revving ] ♪ [ male announcer ] every car we build must make adrenaline pump and pulses quicken. ♪
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